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" Both the companies did not divulge the deal size, but maintained that OoBI has been profitable since its inception in 2012. Agarwala said the company will continue to look at more acquisitions that will help it enhance its content and technology and product offerings. In November, media baron Rupert Murdoch’s News Corp had picked up 25% stake in Singapore’s Elara Technologies, the parent company of Noida-based online real estate marketing platform PropTiger.com for $30 million (about Rs.186 crore), valuing the company at $120 million, or about Rs.744 crore. In this round, existing investors, including SAIF Partners, Accel Partners and Horizen Ventures, are also putting in another $7 million (Rs 43 crore) into the company. Currently, OoBI offers interactive technology to showcase real estate projects that have so far been displayed using conventional media. As part of its customer-centric innovations, OoBI has devised interactive solutions for businesses ranging from real estate to retail sector.
“It’s a strategic move for us. Currently, our major clientele is in Bengaluru, Chennai and Mumbai and with this, we will get a pan-India presence. We will retain focus on our core activity of new media interactive solutions, while PropTiger will look into marketing and sales aspect," said Kumar Ahir, cofounder, OoBI. Under the deal structure, co-founders Atish Patel and Kumar Ahir have sold their entire shareholding in the company PropTiger. com.
OoBI’s organisation structure will remain the same and both Patel and Ahir will drive the growth of OoBI, PropTiger.com’s design and innovation business. PropTiger.com is looking to put OoBI's interactive technology, which is currently used by realty developers at point of sales at project sites, on its website. The online real estate advisor is looking to augment the design and innovation business’ employee count to 50 in the next two months. OoBI’s current multi-disciplinary team in Bengaluru includes engineers, designers and researchers from IIT Bombay with expertise in large interactive screens and 3D visualisations.
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